Downstream Development Authority

Overview

Deal Type Debt Capital Markets
Size $300 Million
Senior Secured Term Loan Facility
Client & Transactional Partners The Quapaw Tribe
Downstream Development Authority
Our Role Co-Syndication Agent

Summary

On December 10, 2021, KeyBanc Capital Markets (“KBCM") successfully closed on the syndication of a $300 Million Senior Secured Term Loan Facility (the “Credit Facility”) for the Downstream Development Authority, a wholly-owned unincorporated instrumentality of the Quapaw Tribe of Oklahoma. Proceeds of the Credit Facility will be used to refinance existing indebtedness. KBCM was selected to participate as Co-Syndication Agent in the transaction due to its longstanding relationship with the Tribe and extensive knowledge and experience in the Native American Financial Services industry.

The Quapaw Tribe (the "Tribe") is a self-governing, federally recognized Indian tribe with approximately 5,500 enrolled members as of June 30, 2021. The Tribe, through Downstream Development Authority, owns and operates the Downstream Casino Resort (the “Casino”). The Casino is situated on a portion of the Tribe’s 220 contiguous acres in Ottawa County, Oklahoma, adjacent to Interstate 4, making it the first casino facility accessible to travelers from Missouri to Oklahoma.

The Casino is the premier casino resort in its market area for patrons seeking a Las Vegas-style gaming experience at an upscale, full-service property. The Casino is open 24 hours a day, seven days a week and includes a 70,000 square-foot gaming floor and a highly visible two tower, luxury hotel with 374 guestrooms and suites, modeled with elegant décor reflective of the Tribe’s history and culture. The casino floor features 1,037 Class III and 569 Class II slot machines, 32 table games and 14 poker tables. The property also includes six high quality restaurants, a heated outdoor pool area featuring a bar, cabanas and a hot tub, retail space and adjacent parking with approximately 2,200 spaces and complimentary valet services.

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